This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Market Today: Futures Rise as Citigroup Reaches $7B MBS Settlement

NEW YORK (TheStreet) -- U.S. stock futures were signaling a firmer open on Wall Street Monday as European contagion fears subsided and Wall Street grew more optimistic that second-quarter earnings growth momentum will overcome shifting monetary policy.

Citigroup (C) beat second-quarter earnings estimates, helping to push shares higher in premarket trading. The stock rose nearly 4% to $48.82 after the bank reported adjusted earnings of $1.24 a share vs. the consensus estimate of $1.05. Citigroup also announced a $7 billion settlement with U.S. authorities over the investigation of its sales of mortgage-backed bonds.

July 14 Premarket Briefing: 10 Things You Should Know

Stock Market Today: Stocks Turn Positive Though Upside Remains Limited

European Stocks Rise as Focus Is on Upbeat Corporate News

Dow Jones Industrial Average futures were advancing 58 points, or 69.19 points above fair value, to 16,939, with the blue-chip index still trading near the psychological threshold of 17,000. S&P 500 futures were gaining 6.25 points, or 7.63 points above fair value, to 1,968.75. Nasdaq futures were nudging up 18 points, or 18.12 points above fair value, to 3,915.5. Markets took a turn upward in the afternoon session Friday, though closing with only minor gains. Markets in Europe and Asia were also back in positive territory on Monday.

"Reassured that systemic risks from Portugal are very limited, even in a worst case scenario, the dust settled somewhat Friday after Thursday's market tremors," wrote Michala Marcussen, global head of economics at Societe Generale.

As the economy continues to improve and labor market trends point higher, Gina Martin Adams, Wells Fargo Securities' institutional equity strategist, is expecting the S&P 500 to post 6.5% year-over-year EPS growth for the second quarter, up from the 3.3% reported in the first quarter and 3.9% a year ago. Adams said signs that index EPS growth may finally begin accelerating with the second-quarter season after two years of below-trend earnings growth include an improvement in revision momentum, an increasingly positive shift in company guidance, and earnings growth broadening to non-financial industries.

Other individual companies to watch Monday include Shire (SHPG), AbbVie (ABBV), Lindt, Russell Stover Candies, Whiting Petroleum (WLL), Kodiak Oil & Gas (KOG), as well as Samsung.

Shire, the Dublin-based drugmaker, said Monday it would be willing to recommend to its shareholders a new $53 billion takeover bid from AbbVie. Lindt, the Swiss chocolate maker, said it's buying U.S. manufacturer Russell Stover Candies for an undisclosed sum. Whiting Petroleum is buying Kodiak Oil & Gas for $3.8 billion in stock and the assumption of $2.2 billion in debt, in a deal that will make it the largest producer in the booming Bakken region of North Dakota and Montana. Samsung, the world's biggest smartphone maker, said it has suspended business ties with a Chinese supplier that allegedly hired children.

-- By Andrea Tse in New York

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs